LONDON – Britainâ€™s Treasury says house prices could fall by up to 18 percent if the country leaves the European Union â€” a claim dismissed as scaremongering by campaigners for a U.K. exit from the bloc.
Treasury chief George Osborne says leaving the EU would be a â€œprofound economic shock.â€
Treasury analysis estimates property prices will be worth between 10 and 18 percent less by 2018 if Britain leaves than if it stays.
Osborne says Britain and its people â€œare going to be poorer outside the EU.â€
Energy minister Andrea Leadsom, who backs a â€œleaveâ€ vote in Britainâ€™s June 23 referendum, said Saturday that â€œthe greatest threat to the economy is the perilous state of the euroâ€ currency used by 19 EU states, and Britain should â€œtake back controlâ€ of its finances.